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Tag: Naira

  • Naira falls marginally at investor’s window

    Naira falls marginally at investor’s window

    The Naira on Wednesday dipped slightly against the dollar at the investor’s window, closing at N388.7 to a dollar from N388.50 traded on Tuesday.

    Market turnover at the investor’s window stood at 29.77 million dollars, shedding 8.95 million dollars from 38.72 million dollars recorded on Tuesday, representing 23.11 per cent decrease.

    Trading at the official Central Bank of Nigeria window showed the Naira traded at N381 to a dollar.

    The Nigerian currency, however, exchanged at N472 to a dollar at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N578 and N530.

    The News Agency of Nigeria (NAN) reports that since the COVID-19 pandemic and the shortfall in proceeds from the sale of oil, a critical segment of the FX market, Bureau De Change operators never received their weekly FX interventions from the Apex bank.

    Nigeria operates a multiple exchange rate policy and efforts at unification of rates has become a challenge that the regulatory authorities need to surmount. (NAN)

  • Naira exchanges at N472 to dollar at parallel market

    Naira exchanges at N472 to dollar at parallel market

    The Naira on Tuesday exchanged at N472 to a dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

    The Pound Sterling and the Euro also exchanged for N575 and N530 respectively.

    The Naira, however, traded at N388.17 to a dollar at the investor’s window. The market turnover at the window stood at 38.72 million dollars.

    In his reaction to the fall of the naira at the parallel market, Prof. Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University Ago-Iwoye, Ogun, attributed the volatility to the antics of currency speculators.

    Tella said that speculators had huge funds for various currencies for the purpose of speculating for future returns.

    He said that the speculation could be caused by the official depreciation of the naira recently.

    NAN reports that since the COVID-19 pandemic, the country has been struggling to sell its oil at the international market.

    Foreign exchange earned from such sales are used by the apex bank in the defence of the naira at the FX market.(NAN)

  • CBN devalues Naira by 5.5%

    CBN devalues Naira by 5.5%

    The central bank of Nigeria has devalued its official exchange rate by 5.5% to 381 naira to the dollar from 360 naira.

    Thats according to data on the website of FMDQ OTC Securities Exchange.

    The currency depreciation comes after CBN Governor Godwin Emefiele announced last month that the bank plans to unify its multiple exchange rates to improve the transparency of its currency-management system.

    The central bank also devalued the currency in March, when it adjusted the official peg against the dollar to 360 naira from 307 NAIRA.

    Investors and the International Monetary Fund have long called on Nigeria to merge its multiple exchange rates as the absence of a single rate deters foreign investment.